Aus Tin Mining Intersects High-Grade Nickel at Mt Cobalt-Nickel Project

ANW

Aus Tin Mining Limited (ASX: ANW), an Australian miner, announced on 10th May 2019, that the company intersected high-grade nickel, at relatively shallow depths at Mt Cobalt-nickel project. The company undertook a program of five diamond drilling holes in April 2019, for a total 153.6m to test the mineral extension potential along the strike and below of historic working at the project. Aus Tin now received the assay results of samples, that the company selected over the length of holes reflecting intervals of poor core recovery amid broken ground. Recently, ANW had notified the market about the capital raised for Taronga Stage 1 project.

The significant results from the diamond drill holes are as follows:

The drill hole identified as COB033 intersected 0.4m @ 1.19% of nickel and 149ppm (parts per million) of cobalt from 11.6m.

The drill hole identified as COB034 intersected 0.9m @ 1.62%of nickel and 125ppm of cobalt from 16.4m.  

The drill hole identified as COB035 intersected 0.4m @ 0.97% of nickel and 222ppm cobalt from 13.1m, and 0.4m @ 1.02% of nickel and 155ppm of cobalt from 13.6m, 1.0m @ 1.10% of nickel & 152ppm of cobalt from 16m, 0.5m @ 1.14% of nickel & 229ppm of cobalt from 40.2m, 0.2m @ 1.10% of nickel & 285ppm of cobalt from 44.8m, respectively.

As per the company, the drilling results confirm the presence of high-grade nickel at the shallow depths of the new zone north, where the company conducted drilling previously. The recent program of five diamond drilling confirmed the occurrence of shear zones north and west of the previous drilling location. The shear zones identified already by the company hosted high-grade cobalt-manganese oxide.

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Aus Tin mentioned that the recently identified shear zones in the latest drilling program support the past estimation of a possible continuation of the shear zones in the north-west direction and potential extension of the target zone. The company defined a 350m target zone by a combination of target lithology mapping and various other workings such as surface mineralisation, soil geochemistry, etc., in 2018.

At present, the latest drill has extended this 350m target zone, by 150m further to a total of 500m long x 25m wide and open at depth. The company will now plan to take field reconnaissance and mapping for the shear zones in west of the target zone to identify further drill targets at Mt Cobalt.

Aus Tin faced a problem of lower core recovery in the past drilling program and to rectify the issue, it employed HQ triple tube diamond drilling. However, the recovery was less than the estimation in areas of broken ground associated with the shear zone.

The company collected sludge samples from the selected intervals and received high silver assay, which averages at 116g/t over an interval of 13m from the surface (COB034). Aus Tin previously received a silver assay which graded at 247g/t from the sludge sample collected from the southern end over 43m from the surface in 2018.

Aus Tin further plans to study the correlation between the result of these assays and mentioned that it would also examine the result against the high-grade copper-silver Silver Valley prospect, which is 2km south-east of the Mt Cobalt project.

The shares of the company are currently trading flat at A$0.010 (as on 10th May 2019, AEST 02:55 PM).


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